Virginia
(State or other jurisdiction
of incorporation)
|
0-23976
(Commission File Number)
|
54-1232965
(IRS Employer
Identification No.)
|
|
112 West King Street
Strasburg, Virginia
(Address of principal executive offices)
|
22657
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $1.25 per share
|
FXNC
|
NASDAQ Stock Market
|
Exhibit No.
|
Description
|
Press Release dated July 23, 2019
|
FIRST NATIONAL CORPORATION
|
|||
(Registrant)
|
|||
Date: July 24, 2019
|
By:
|
/s/ M. Shane Bell
|
|
M. Shane Bell
|
|||
Executive Vice President and Chief Financial Officer
|
|||
•
|
Loan growth of $24.4 million during the quarter
|
•
|
Return on average equity of 11.76%
|
•
|
Return on average assets of 1.08%
|
•
|
Net interest margin of 3.88%
|
•
|
Nonperforming assets decreased to 0.23% of assets
|
•
|
Total assets reached $778.4 million
|
Scott C. Harvard
|
M. Shane Bell
|
|
President and CEO
|
Executive Vice President and CFO
|
|
(540) 465-9121
|
(540) 465-9121
|
|
shavard@fbvirginia.com
|
sbell@fbvirginia.com
|
|
(unaudited)
For the Quarter Ended
|
|||||||||||||||||||
June 30,
2019
|
March 31,
2019
|
December 31,
2018
|
September 30,
2018
|
June 30,
2018
|
|||||||||||||||
Income Statement
|
|||||||||||||||||||
Interest income
|
|||||||||||||||||||
Interest and fees on loans
|
$
|
7,200
|
$
|
6,996
|
$
|
7,106
|
$
|
6,917
|
$
|
6,546
|
|||||||||
Interest on deposits in banks
|
133
|
110
|
105
|
88
|
186
|
||||||||||||||
Interest on securities
|
|||||||||||||||||||
Taxable interest
|
696
|
737
|
771
|
797
|
776
|
||||||||||||||
Tax-exempt interest
|
159
|
156
|
153
|
156
|
156
|
||||||||||||||
Dividends on restricted securities
|
26
|
24
|
24
|
23
|
22
|
||||||||||||||
Total interest income
|
$
|
8,214
|
$
|
8,023
|
$
|
8,159
|
$
|
7,981
|
$
|
7,686
|
|||||||||
Interest expense
|
|||||||||||||||||||
Interest on deposits
|
$
|
1,051
|
$
|
922
|
$
|
798
|
$
|
702
|
$
|
665
|
|||||||||
Interest on subordinated debt
|
90
|
89
|
91
|
91
|
89
|
||||||||||||||
Interest on junior subordinated debt
|
108
|
111
|
105
|
105
|
101
|
||||||||||||||
Interest on other borrowings
|
—
|
2
|
—
|
—
|
—
|
||||||||||||||
Total interest expense
|
$
|
1,249
|
$
|
1,124
|
$
|
994
|
$
|
898
|
$
|
855
|
|||||||||
Net interest income
|
$
|
6,965
|
$
|
6,899
|
$
|
7,165
|
$
|
7,083
|
$
|
6,831
|
|||||||||
Provision for loan losses
|
200
|
—
|
500
|
—
|
—
|
||||||||||||||
Net interest income after provision for loan losses
|
$
|
6,765
|
$
|
6,899
|
$
|
6,665
|
$
|
7,083
|
$
|
6,831
|
|||||||||
Noninterest income
|
|||||||||||||||||||
Service charges on deposit accounts
|
$
|
715
|
$
|
701
|
$
|
814
|
$
|
818
|
$
|
784
|
|||||||||
ATM and check card fees
|
573
|
517
|
642
|
540
|
555
|
||||||||||||||
Wealth management fees
|
458
|
437
|
443
|
423
|
409
|
||||||||||||||
Fees for other customer services
|
153
|
175
|
154
|
143
|
151
|
||||||||||||||
Income from bank owned life insurance
|
99
|
103
|
97
|
107
|
77
|
||||||||||||||
Net gains (losses) on securities
|
—
|
—
|
(1
|
)
|
—
|
—
|
|||||||||||||
Net gains on sale of loans
|
25
|
22
|
23
|
39
|
15
|
||||||||||||||
Other operating income
|
12
|
30
|
107
|
108
|
76
|
||||||||||||||
Total noninterest income
|
$
|
2,035
|
$
|
1,985
|
$
|
2,279
|
$
|
2,178
|
$
|
2,067
|
|||||||||
Noninterest expense
|
|||||||||||||||||||
Salaries and employee benefits
|
$
|
3,375
|
$
|
3,443
|
$
|
3,306
|
$
|
3,371
|
$
|
3,227
|
|||||||||
Occupancy
|
401
|
438
|
424
|
387
|
387
|
||||||||||||||
Equipment
|
409
|
420
|
410
|
396
|
420
|
||||||||||||||
Marketing
|
239
|
141
|
155
|
123
|
161
|
||||||||||||||
Supplies
|
91
|
73
|
91
|
75
|
88
|
||||||||||||||
Legal and professional fees
|
303
|
241
|
343
|
229
|
223
|
||||||||||||||
ATM and check card expense
|
225
|
216
|
178
|
217
|
211
|
||||||||||||||
FDIC assessment
|
35
|
69
|
68
|
78
|
66
|
||||||||||||||
Bank franchise tax
|
136
|
130
|
117
|
118
|
118
|
||||||||||||||
Telecommunications expense
|
79
|
83
|
79
|
83
|
98
|
||||||||||||||
Data processing expense
|
179
|
173
|
173
|
168
|
170
|
||||||||||||||
Postage expense
|
44
|
48
|
51
|
42
|
42
|
||||||||||||||
Amortization expense
|
80
|
90
|
99
|
108
|
120
|
||||||||||||||
Other real estate owned expense, net
|
—
|
—
|
—
|
2
|
1
|
||||||||||||||
Net loss on disposal of premises and equipment
|
—
|
—
|
—
|
2
|
—
|
||||||||||||||
Other operating expense
|
634
|
533
|
587
|
551
|
532
|
||||||||||||||
Total noninterest expense
|
$
|
6,230
|
$
|
6,098
|
$
|
6,081
|
$
|
5,950
|
$
|
5,864
|
|||||||||
Income before income taxes
|
$
|
2,570
|
$
|
2,786
|
$
|
2,863
|
$
|
3,311
|
$
|
3,034
|
|||||||||
Income tax expense
|
484
|
525
|
542
|
635
|
583
|
||||||||||||||
Net income
|
$
|
2,086
|
$
|
2,261
|
$
|
2,321
|
$
|
2,676
|
$
|
2,451
|
(unaudited)
For the Quarter Ended
|
|||||||||||||||||||
June 30,
2019
|
March 31,
2019
|
December 31,
2018
|
September 30,
2018
|
June 30,
2018
|
|||||||||||||||
Common Share and Per Common Share Data
|
|||||||||||||||||||
Net income, basic
|
$
|
0.42
|
$
|
0.46
|
$
|
0.47
|
$
|
0.54
|
$
|
0.49
|
|||||||||
Weighted average shares, basic
|
4,963,737
|
4,960,264
|
4,957,055
|
4,955,162
|
4,952,712
|
||||||||||||||
Net income, diluted
|
$
|
0.42
|
$
|
0.46
|
$
|
0.47
|
$
|
0.54
|
$
|
0.49
|
|||||||||
Weighted average shares, diluted
|
4,965,822
|
4,964,134
|
4,960,597
|
4,958,162
|
4,954,265
|
||||||||||||||
Shares outstanding at period end
|
4,964,824
|
4,963,487
|
4,957,694
|
4,956,925
|
4,953,356
|
||||||||||||||
Tangible book value at period end
|
$
|
14.60
|
$
|
13.97
|
$
|
13.35
|
$
|
12.72
|
$
|
12.31
|
|||||||||
Cash dividends
|
$
|
0.09
|
$
|
0.09
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
|||||||||
Key Performance Ratios
|
|||||||||||||||||||
Return on average assets
|
1.08
|
%
|
1.21
|
%
|
1.22
|
%
|
1.41
|
%
|
1.29
|
%
|
|||||||||
Return on average equity
|
11.76
|
%
|
13.47
|
%
|
14.15
|
%
|
16.89
|
%
|
16.23
|
%
|
|||||||||
Net interest margin
|
3.88
|
%
|
3.97
|
%
|
4.05
|
%
|
4.02
|
%
|
3.86
|
%
|
|||||||||
Efficiency ratio (1)
|
67.94
|
%
|
67.23
|
%
|
62.99
|
%
|
62.68
|
%
|
64.17
|
%
|
|||||||||
Average Balances
|
|||||||||||||||||||
Average assets
|
$
|
773,574
|
$
|
757,910
|
$
|
753,112
|
$
|
750,619
|
$
|
762,626
|
|||||||||
Average earning assets
|
724,909
|
709,690
|
706,323
|
703,894
|
715,163
|
||||||||||||||
Average shareholders’ equity
|
71,124
|
68,089
|
65,077
|
62,882
|
60,592
|
||||||||||||||
Asset Quality
|
|||||||||||||||||||
Loan charge-offs
|
$
|
219
|
$
|
228
|
$
|
374
|
$
|
295
|
$
|
294
|
|||||||||
Loan recoveries
|
68
|
165
|
82
|
57
|
61
|
||||||||||||||
Net charge-offs
|
151
|
63
|
292
|
238
|
233
|
||||||||||||||
Non-accrual loans
|
1,775
|
1,915
|
3,172
|
2,738
|
2,330
|
||||||||||||||
Other real estate owned, net
|
—
|
—
|
—
|
—
|
68
|
||||||||||||||
Nonperforming assets
|
1,775
|
1,915
|
3,172
|
2,738
|
2,398
|
||||||||||||||
Loans 30 to 89 days past due, accruing
|
792
|
1,002
|
1,446
|
2,707
|
3,408
|
||||||||||||||
Loans over 90 days past due, accruing
|
19
|
133
|
235
|
261
|
549
|
||||||||||||||
Troubled debt restructurings, accruing
|
—
|
259
|
264
|
269
|
273
|
||||||||||||||
Special mention loans
|
2,610
|
1,910
|
2,078
|
2,718
|
3,988
|
||||||||||||||
Substandard loans, accruing
|
2,825
|
3,132
|
3,522
|
1,216
|
3,798
|
||||||||||||||
Capital Ratios (2)
|
|||||||||||||||||||
Total capital
|
$
|
82,078
|
$
|
80,780
|
$
|
74,697
|
$
|
72,807
|
$
|
71,026
|
|||||||||
Tier 1 capital
|
77,083
|
75,834
|
69,688
|
68,006
|
65,987
|
||||||||||||||
Common equity tier 1 capital
|
77,083
|
75,834
|
69,688
|
68,006
|
65,987
|
||||||||||||||
Total capital to risk-weighted assets
|
14.24
|
%
|
14.49
|
%
|
13.62
|
%
|
13.25
|
%
|
13.47
|
%
|
|||||||||
Tier 1 capital to risk-weighted assets
|
13.37
|
%
|
13.60
|
%
|
12.71
|
%
|
12.38
|
%
|
12.52
|
%
|
|||||||||
Common equity tier 1 capital to risk-weighted assets
|
13.37
|
%
|
13.60
|
%
|
12.71
|
%
|
12.38
|
%
|
12.52
|
%
|
|||||||||
Leverage ratio
|
9.96
|
%
|
10.01
|
%
|
9.26
|
%
|
9.07
|
%
|
8.66
|
%
|
(unaudited)
For the Quarter Ended
|
|||||||||||||||||||
June 30,
2019
|
March 31,
2019
|
December 31,
2018
|
September 30,
2018
|
June 30,
2018
|
|||||||||||||||
Balance Sheet
|
|||||||||||||||||||
Cash and due from banks
|
$
|
12,354
|
$
|
10,862
|
$
|
13,378
|
$
|
11,370
|
$
|
13,501
|
|||||||||
Interest-bearing deposits in banks
|
10,716
|
31,833
|
15,240
|
10,068
|
27,762
|
||||||||||||||
Securities available for sale, at fair value
|
119,510
|
121,202
|
99,857
|
102,748
|
106,707
|
||||||||||||||
Securities held to maturity, at amortized cost
|
18,828
|
19,489
|
43,408
|
44,239
|
45,701
|
||||||||||||||
Restricted securities, at cost
|
1,701
|
1,701
|
1,688
|
1,590
|
1,590
|
||||||||||||||
Loans held for sale
|
675
|
200
|
419
|
516
|
1,195
|
||||||||||||||
Loans, net of allowance for loan losses
|
569,959
|
545,529
|
537,847
|
535,020
|
525,894
|
||||||||||||||
Other real estate owned, net of valuation allowance
|
—
|
—
|
—
|
—
|
68
|
||||||||||||||
Premises and equipment, net
|
20,182
|
20,282
|
20,066
|
19,557
|
19,633
|
||||||||||||||
Accrued interest receivable
|
2,163
|
2,143
|
2,113
|
2,138
|
2,073
|
||||||||||||||
Bank owned life insurance
|
17,193
|
17,094
|
13,991
|
13,894
|
13,787
|
||||||||||||||
Core deposit intangibles, net
|
302
|
382
|
472
|
571
|
679
|
||||||||||||||
Other assets
|
4,801
|
4,361
|
4,490
|
4,743
|
4,774
|
||||||||||||||
Total assets
|
$
|
778,384
|
$
|
775,078
|
$
|
752,969
|
$
|
746,454
|
$
|
763,364
|
|||||||||
Noninterest-bearing demand deposits
|
$
|
186,553
|
$
|
189,261
|
$
|
181,964
|
$
|
186,293
|
$
|
196,839
|
|||||||||
Savings and interest-bearing demand deposits
|
385,399
|
377,673
|
369,383
|
360,988
|
367,399
|
||||||||||||||
Time deposits
|
117,863
|
117,290
|
119,219
|
119,823
|
122,291
|
||||||||||||||
Total deposits
|
$
|
689,815
|
$
|
684,224
|
$
|
670,566
|
$
|
667,104
|
$
|
686,529
|
|||||||||
Other borrowings
|
—
|
5,000
|
—
|
—
|
—
|
||||||||||||||
Subordinated debt
|
4,974
|
4,969
|
4,965
|
4,961
|
4,956
|
||||||||||||||
Junior subordinated debt
|
9,279
|
9,279
|
9,279
|
9,279
|
9,279
|
||||||||||||||
Accrued interest payable and other liabilities
|
1,507
|
1,878
|
1,485
|
1,459
|
952
|
||||||||||||||
Total liabilities
|
$
|
705,575
|
$
|
705,350
|
$
|
686,295
|
$
|
682,803
|
$
|
701,716
|
|||||||||
Preferred stock
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||||
Common stock
|
6,206
|
6,204
|
6,197
|
6,196
|
6,192
|
||||||||||||||
Surplus
|
7,566
|
7,515
|
7,471
|
7,438
|
7,346
|
||||||||||||||
Retained earnings
|
58,268
|
56,629
|
54,814
|
52,741
|
50,313
|
||||||||||||||
Accumulated other comprehensive income (loss), net
|
769
|
(620
|
)
|
(1,808
|
)
|
(2,724
|
)
|
(2,203
|
)
|
||||||||||
Total shareholders’ equity
|
$
|
72,809
|
$
|
69,728
|
$
|
66,674
|
$
|
63,651
|
$
|
61,648
|
|||||||||
Total liabilities and shareholders’ equity
|
$
|
778,384
|
$
|
775,078
|
$
|
752,969
|
$
|
746,454
|
$
|
763,364
|
|||||||||
Loan Data
|
|||||||||||||||||||
Mortgage loans on real estate:
|
|||||||||||||||||||
Construction and land development
|
$
|
46,281
|
$
|
48,948
|
$
|
45,867
|
$
|
42,982
|
$
|
37,350
|
|||||||||
Secured by farmland
|
855
|
883
|
880
|
942
|
975
|
||||||||||||||
Secured by 1-4 family residential
|
225,820
|
217,527
|
215,945
|
211,938
|
211,101
|
||||||||||||||
Other real estate loans
|
236,515
|
220,513
|
218,673
|
223,961
|
223,387
|
||||||||||||||
Loans to farmers (except those secured by real estate)
|
1,006
|
806
|
1,035
|
937
|
476
|
||||||||||||||
Commercial and industrial loans (except those secured by real estate)
|
48,347
|
45,239
|
43,570
|
41,924
|
40,467
|
||||||||||||||
Consumer installment loans
|
11,572
|
11,890
|
12,061
|
12,301
|
12,315
|
||||||||||||||
Deposit overdrafts
|
208
|
204
|
275
|
249
|
231
|
||||||||||||||
All other loans
|
4,350
|
4,465
|
4,550
|
4,587
|
4,631
|
||||||||||||||
Total loans
|
$
|
574,954
|
$
|
550,475
|
$
|
542,856
|
$
|
539,821
|
$
|
530,933
|
|||||||||
Allowance for loan losses
|
(4,995
|
)
|
(4,946
|
)
|
(5,009
|
)
|
(4,801
|
)
|
(5,039
|
)
|
|||||||||
Loans, net
|
$
|
569,959
|
$
|
545,529
|
$
|
537,847
|
$
|
535,020
|
$
|
525,894
|
|
(unaudited)
For the Quarter Ended
|
|||||||||||||||||||
June 30,
2019
|
March 31,
2019
|
December 31,
2018
|
September 30,
2018
|
June 30,
2018
|
|||||||||||||||
Reconciliation of Tax-Equivalent Net Interest Income
|
|||||||||||||||||||
GAAP measures:
|
|||||||||||||||||||
Interest income – loans
|
$
|
7,200
|
$
|
6,996
|
$
|
7,106
|
$
|
6,917
|
$
|
6,546
|
|||||||||
Interest income – investments and other
|
1,014
|
1,027
|
1,053
|
1,064
|
1,140
|
||||||||||||||
Interest expense – deposits
|
(1,051
|
)
|
(922
|
)
|
(798
|
)
|
(702
|
)
|
(665
|
)
|
|||||||||
Interest expense – subordinated debt
|
(90
|
)
|
(89
|
)
|
(91
|
)
|
(91
|
)
|
(89
|
)
|
|||||||||
Interest expense – junior subordinated debt
|
(108
|
)
|
(111
|
)
|
(105
|
)
|
(105
|
)
|
(101
|
)
|
|||||||||
Interest expense – other borrowings
|
—
|
(2)
|
—
|
—
|
—
|
||||||||||||||
Total net interest income
|
$
|
6,965
|
$
|
6,899
|
$
|
7,165
|
$
|
7,083
|
$
|
6,831
|
|||||||||
Non-GAAP measures:
|
|||||||||||||||||||
Tax benefit realized on non-taxable interest income – loans
|
$
|
10
|
$
|
11
|
$
|
11
|
$
|
12
|
$
|
11
|
|||||||||
Tax benefit realized on non-taxable interest income – municipal securities
|
42
|
41
|
42
|
41
|
41
|
||||||||||||||
Total tax benefit realized on non-taxable interest income
|
$
|
52
|
$
|
52
|
$
|
53
|
$
|
53
|
$
|
52
|
|||||||||
Total tax-equivalent net interest income
|
$
|
7,017
|
$
|
6,951
|
$
|
7,218
|
$
|
7,136
|
$
|
6,883
|
(unaudited)
For the Six Months Ended
|
||||||||
June 30,
2019
|
June 30,
2018
|
|||||||
Income Statement
|
||||||||
Interest income
|
||||||||
Interest and fees on loans
|
$
|
14,196
|
$
|
12,851
|
||||
Interest on deposits in banks
|
243
|
346
|
||||||
Interest on securities
|
||||||||
Taxable interest
|
1,433
|
1,456
|
||||||
Tax-exempt interest
|
315
|
301
|
||||||
Dividends on restricted securities
|
50
|
44
|
||||||
Total interest income
|
$
|
16,237
|
$
|
14,998
|
||||
Interest expense
|
||||||||
Interest on deposits
|
$
|
1,973
|
$
|
1,255
|
||||
Interest on subordinated debt
|
179
|
178
|
||||||
Interest on junior subordinated debt
|
219
|
187
|
||||||
Interest on other borrowings
|
2
|
—
|
||||||
Total interest expense
|
$
|
2,373
|
$
|
1,620
|
||||
Net interest income
|
$
|
13,864
|
$
|
13,378
|
||||
Provision for loan losses
|
200
|
100
|
||||||
Net interest income after provision for loan losses
|
$
|
13,664
|
$
|
13,278
|
||||
Noninterest income
|
||||||||
Service charges on deposit accounts
|
$
|
1,416
|
$
|
1,546
|
||||
ATM and check card fees
|
1,090
|
1,074
|
||||||
Wealth management fees
|
895
|
816
|
||||||
Fees for other customer services
|
328
|
304
|
||||||
Income from bank owned life insurance
|
202
|
636
|
||||||
Net gains on sale of loans
|
47
|
24
|
||||||
Other operating income
|
42
|
300
|
||||||
Total noninterest income
|
$
|
4,020
|
$
|
4,700
|
||||
Noninterest expense
|
||||||||
Salaries and employee benefits
|
$
|
6,818
|
$
|
6,610
|
||||
Occupancy
|
839
|
787
|
||||||
Equipment
|
829
|
843
|
||||||
Marketing
|
380
|
270
|
||||||
Supplies
|
164
|
168
|
||||||
Legal and professional fees
|
544
|
414
|
||||||
ATM and check card expense
|
441
|
414
|
||||||
FDIC assessment
|
104
|
148
|
||||||
Bank franchise tax
|
266
|
233
|
||||||
Telecommunications expense
|
162
|
134
|
||||||
Data processing expense
|
352
|
332
|
||||||
Postage expense
|
92
|
103
|
||||||
Amortization expense
|
170
|
251
|
||||||
Other real estate owned expense (income), net
|
—
|
(22
|
)
|
|||||
Other operating expense
|
1,167
|
1,045
|
||||||
Total noninterest expense
|
$
|
12,328
|
$
|
11,730
|
||||
Income before income taxes
|
$
|
5,356
|
$
|
6,248
|
||||
Income tax expense
|
1,009
|
1,110
|
||||||
Net income
|
$
|
4,347
|
$
|
5,138
|
(unaudited)
For the Six Months Ended
|
||||||||
June 30,
2019
|
June 30,
2018
|
|||||||
Common Share and Per Common Share Data
|
||||||||
Net income, basic
|
$
|
0.88
|
$
|
1.04
|
||||
Weighted average shares, basic
|
4,962,010
|
4,950,922
|
||||||
Net income, diluted
|
$
|
0.88
|
$
|
1.04
|
||||
Weighted average shares, diluted
|
4,964,988
|
4,953,328
|
||||||
Shares outstanding at period end
|
4,964,824
|
4,953,356
|
||||||
Tangible book value at period end
|
$
|
14.60
|
$
|
12.31
|
||||
Cash dividends
|
$
|
0.18
|
$
|
0.10
|
||||
Key Performance Ratios
|
||||||||
Return on average assets
|
1.14
|
%
|
1.37
|
%
|
||||
Return on average equity
|
12.60
|
%
|
17.33
|
%
|
||||
Net interest margin
|
3.93
|
%
|
3.83
|
%
|
||||
Efficiency ratio (1)
|
67.59
|
%
|
63.27
|
%
|
||||
Average Balances
|
||||||||
Average assets
|
$
|
766,054
|
$
|
756,959
|
||||
Average earning assets
|
717,341
|
710,083
|
||||||
Average shareholders’ equity
|
69,589
|
59,799
|
||||||
Asset Quality
|
||||||||
Loan charge-offs
|
$
|
447
|
$
|
500
|
||||
Loan recoveries
|
233
|
113
|
||||||
Net charge-offs
|
214
|
387
|
||||||
Reconciliation of Tax-Equivalent Net Interest Income
|
||||||||
GAAP measures:
|
||||||||
Interest income – loans
|
$
|
14,196
|
$
|
12,851
|
||||
Interest income – investments and other
|
2,041
|
2,147
|
||||||
Interest expense – deposits
|
(1,973
|
)
|
(1,255
|
)
|
||||
Interest expense – subordinated debt
|
(179
|
)
|
(178
|
)
|
||||
Interest expense – junior subordinated debt
|
(219
|
)
|
(187
|
)
|
||||
Interest expense – other borrowings
|
(2
|
)
|
—
|
|||||
Total net interest income
|
$
|
13,864
|
$
|
13,378
|
||||
Non-GAAP measures:
|
||||||||
Tax benefit realized on non-taxable interest income – loans
|
$
|
21
|
$
|
21
|
||||
Tax benefit realized on non-taxable interest income – municipal securities
|
83
|
80
|
||||||
Total tax benefit realized on non-taxable interest income
|
$
|
104
|
$
|
101
|
||||
Total tax-equivalent net interest income
|
$
|
13,968
|
$
|
13,479
|
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